Pakistan's Top Refiner Turns to US Crude Amid Iran Conflict

Pakistan's largest refiner, Cnergyico, is increasing its imports of US crude oil in response to disruptions caused by the Iran conflict. The company, which first bought US crude last year, has been diversifying its energy supplies due to the war's impact on Persian Gulf routes.

Cnergyico imported around 8.1 million barrels of US crude over nine months, with 7.1 million worth about $750 million in the fiscal year ended June, according to Vice Chairman Usama Qureshi. The refiner's purchases have contributed significantly to Pakistan's increased import payments from the US, which rose by $914 million to $3.27 billion in that fiscal year.

The company is considering spot purchases against longer-term contracts with Vitol and other suppliers based on 'pricing, reliability, and supply security'. Cnergyico may increase its US crude purchases if Pakistan's proposed EXIM Bank trade-finance facility is extended to it.